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XRP Wallet Xumm Issues Important Warning to Users

Tue, 07/18/2023 - 12:21
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Tomiwabold Olajide
XRP Ledger-based Xumm wallet issues critical warning to users
XRP Wallet Xumm Issues Important Warning to Users
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XRP wallet Xumm has issued a critical warning to its users as bad actors continuously devise new means of preying on unsuspecting investors.

The XRP Ledger-based Xumm has notified its users of a fake Xumm plugin currently available in the Chrome Web Store. The plugin directs users to enter their secret phrases in a bid to steal their funds.

Xumm reiterates the fact that it does not offer a browser plugin, nor does it intend to offer one in the future: "Warning. There is a fake Xumm plugin in the Chrome Web Store. It asks you to enter your secrets and steals all your funds.We do not offer a browser plugin. We will never offer a browser plugin. We keep your funds safe and encrypted on your own phone."

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XRPL developer Wietse Wind echoes the warning sounded by Xumm. He urges users never to download anything other than the official Xumm app from the Google Play Store or Apple App Store. Wind also asks them never to enter their secret phrase anywhere else.

Scam bots on the rise

As XRP shoots back into prominence, scammers likewise want to profit from XRP's increased popularity by preying on unsuspecting investors.

CryptoLaw founder and XRP holders' attorney John Deaton observes a surge in XRP-related scam bots. Seeking Elon Musk's aid, Deaton tweeted, "The scam bots are out related to anything Ripple and XRP."

The CryptoLaw entity also noted there are several fake accounts, including those that bought blue checks, that are posting scam replies to tweets, highlighting an increase in the activity of scammers.

XRP gained the spotlight in the past week as a federal judge determined that it was a security when sold directly to institutional investors under written contracts but not when made available to the general public on exchanges.

Cryptocurrency supporters hailed the ruling as a victory for the sector.

XRP holders' patience was rewarded a bit as XRP quickly increased by roughly 100% following the decision. After that, XRP grew to rank as the fourth largest cryptocurrency by market capitalization, where it is currently.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.